How Long Will It Take an Investment of $5,000 to Double

question 126

Short Answer

How long will it take an investment of $5,000 to double if the investment earns interest at the rate of 8% / year compounded monthly? Round your answer to the nearest tenth.
__________ year(s)

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Definitions:

STAT Order

A medical order requiring immediate action, often used in situations of urgent patient care.

Conjunctival Sac

The space between the inner lining of the eyelid and the surface of the eye, where contact lenses and eye medications are often placed.

Sclera

The white outer layer of the eyeball, serving as a protective outer coating.

Cornea

The transparent, dome-shaped front part of the eye that covers the iris, pupil, and anterior chamber, playing a key role in focusing visual images.